The household survey showed a very large rise in employment (+873,000) and a substantial decline in unemployment (-456,000). The unemployment rate fell to 7.8%, the lowest level 44 months. However, this survey can be very volatile.

If we assume a similar advance in inflation as last month, hourly earnings and weekly earnings fell in inflation-adjusted terms. So while nominal wages rose, workers earned less after the impact of inflation.

Part-time work for slack rose during the month.

Manufacturing hiring has stagnated.

U-6 unemployment, which is a broader measure than the unemployment rate, stayed constant at 14.7%.

We see the report as generally positive and indicative of a still slowly growing economy.